Exim Bank Gives Loan to Ghana for Railway Line

[quote font_size=”16″ arrow=”yes”]”Exim Bank has extended a buyer’s credit (BC) under National Export Insurance Account (NEIA) of USD 398.33 mn to the Government of Ghana,”[/quote] Exim Bank said in a statement today.

The loan will be used for the design and construction of the 84-km railway line and railheads between Tema and Akosombo in Ghana.

The agreement to this effect was signed in Accra, Ghana, on November 22, 2016, by Seth E Terkper, Minister of Finance and Economic Planning, Ghana, and Pushpesh Tyagi, Resident Representative in Cote d’ Ivoire, on behalf of Exim Bank.

BC-NEIA is a unique financing mechanism that provides a safe mode of non-recourse financing option to Indian exporters and serves as an effective market entry tool to traditional as well as new markets in developing countries, which need deferred credit on a medium- or long-term basis.

Exim Bank said it has also given in-principle commitments to supporting several projects at the behest of leading Indian project exporters to enable these Indian companies to submit bids or negotiate contracts with overseas project authorities.